A mixed-use project containing nearly 300 luxury apartments is being proposed for a prime Historic Third Ward site that's now being used as a parking lot.
The project location is 333 N. Water St., southwest of East St. Paul Avenue and North Water Street. The developer of the proposed project is an affiliate of Houston-based real estate firm
Hines.
In a statement,
Thomas D'Arcy, senior managing director in Hines' Chicago office, said the project will have 295 luxury units and 400 parking spaces.
It is being designed by Chicago-based
Solomon Cordwell Buenz, which has "a long history of sensitivity to the character of historic districts," D'Arcy said.
This will be Hines' third project in the city. The company served as development manager of the Northwestern Mutual headquarters project and 7Seventy7 apartment tower in downtown Milwaukee. SCB was also the architect on 7Seventy7.
"As a company with a commitment to producing high-quality projects for more than six decades, Hines is excited about the idea of bringing a luxury multifamily project to 333 N. Water Street in the Historic Third Ward," D'Arcy said in the statement.
The project is up for preliminary review by the Historic Third Ward Architectural Review Board this Wednesday.
The notice describes the proposal as a "mixed-use residential development," but does not provide more information.
No public subsidies will be needed for the project, D'Arcy said.
According to city records, the 0.79-acre parking lot is owned by Minneapolis-based Dehl Properties LLC, which
acquired the site in 2017 for $5.6 million. The investor group is affiliated with the owners of The Avenue project.
It has an assessed value of $3.41 million.
Hines is a privately owned global real estate investment, development and management firm. It has a presence in 240 cities across 27 countries, and has $160.9 billion of assets under management, according to the firm's website.
